Formosa International Rises Most in Month as Taiwan Boosts China Tourism |
| Formosa International Rises Most in Month as Taiwan Boosts China Tourism Posted: 12 Sep 2010 07:53 PM PDT Formosa International Hotels Corp. rose the most in a month in Taipei trading, leading tourism shares higher, after the Commercial Times reported Taiwan may raise the daily quota for Chinese tourists visiting the island. Formosa, the largest hotel operator, gained 4.7 percent to NT$513 as of 10:02 a.m., set for the biggest advance since Aug. 16. Ambassador Hotel Ltd., the second-largest, increased 3.2 percent to NT$46.75. EVA Airways Corp., Taiwan's second-largest carrier, surged 5.7 percent to NT$24.20. China Airlines Ltd., the largest carrier, jumped 4.9 percent to NT$20.20. Taiwan's tourism bureau may raise the limit to as many as 10,000 Chinese visitors a day, the Taipei-based Chinese-language daily said, without saying where it got the information from. Wayne Liu, a spokesman at the tourism bureau, didn't immediately answer calls to his office. "More Chinese tourists boosted sentiment," said Chen Yili, an analyst at SinoPac Securities Co., by telephone in Taipei. "Investors would expect more direct flights to accommodate the larger number of visitors from the mainland." The economic framework agreement between Taiwan and China became effective yesterday. Tensions between the two sides have eased since Taiwan President Ma Ying-jeou took office in May 2008, dropping the pro-independence stance of his predecessor and making economic relations with the mainland the priority of his administration. Marriott International Inc., the largest U.S. lodging chain, Le Meridien and W Hotels are planning to open their first hotels in Taiwan to cater the rising numbers of Chinese tourists. Formosa International has surged 37 percent over the past year, compared with an 8.8 percent gain for the benchmark Taiex Index. To contact the reporter on this story: Weiyi Lim in Taipei at Wlim26@bloomberg.net This entry passed through the Full-Text RSS service — if this is your content and you're reading it on someone else's site, please read our FAQ page at fivefilters.org/content-only/faq.php |
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